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Netflix Stock Taking Beating As 3Q Subscriber Numbers Weak

Deadline says:

Netflix shares are currently down more than 18% in after-hours trading after the company reported 3Q earnings that beat Wall Street estimates in revenue and earnings per share. But the problem for investors is that the number of fleeing subscribers was even higher during the quarter than even Netflix anticipated when it revised down its guidance for the period owning to its recent missteps that included a price hike the splicing and re-splicing of its streaming and mail services. Stay tuned for the full numbers, but it’s wild to see Netflix stock drop below $100 as we speak. For the quarter, the company reported revenue of $822 million, beating estimates of $812 million, and earnings per share of $1.16, which is better than the predicted 94 cents. But shares are falling because of subscriber losses (800,000-plus in the quarter) and lower 4Q guidance for revenue, income and subs.

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